Elliott waves for Forex correlation analysis – Bears should come in anytime from now

USDJPY – Down

Bears should come in anytime from now

Wave Analysis:

Just as in the other pairs, the Us dollar is still rallying slightly below the upper resistive trend line. We expected a massive drop in price but as it appears, the Us Dollar could continue to stagnant here before eventually picking a rally to the lower side. During this intraday, as long as this trend line protects the upper side, we expect a possible rebound from this trend line to pick a short position towards 107.14. The anticipated bearish price rally is merely the continuation of the impulsive wave (E) to the lower side but should not break below the lower trend line.

Trade Recommendations:

We’re short with a target at 107.14

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